THE MONEY MARKET

New Zealand Herald, Volume LXXIV, Issue 22777, 10 July 1937, Page 11

THE MONEY MARKET

BANK OF ENGLAND RETURN DECREASE IN DEPOSITS GOLD HOLDING STEADY LONDON, July S The Bank of England return for the week ended July 7 is as follows: — ISSUE DEPARTMENT Notes issued: — Govt.debt £11,000,000 In circu- OlherGovt. lation £101,400,000 securities 184,100,000 In hank- Other secuing dept. 32,000,000 rities . . 4,000,000 *£200,000,000 Gold coin tSs bullion 326,200,000 £520,400,000 £520,400,000 •Amount of fiduciary issue. BANKING DEPARTMENT Capital .. £14,500,000 Govt, secuRest .. 3,500,000 rities £06,600,000 Deposits— Advances Public .. 15,300,000 and other Bankers & securities 20,500,000 other acs. 125,700,000 Notes ... 32,000,000 Gold and silver coin 000,000 £150,000,000 £150,000,000 The principal items of the above return compare as follows with those for last week, the proportion of the reserve being shown in tho last line: — Deposits— June 30 July 7 Public • • £10,800,000 £15,300,000 Bankers . . 140,500,000 88,500,000 Other Accounts 40,200,000 37,200,000 £101,500,000 £141,000,000 Securities — Government .. 140,600,000 06,600,000 Advances, etc (>,300,000 0,100,000 Other . . 23,000,000 20,400,000 Reserve . . 38,000,000 32,000,000 Note circulation 488,800,000 404,400,000 Coin and bullion 327,300,000 327,100,000 Proportion .. 20.30 23.32 RATE OF DISCOUNT The Bank'of England rate of discount is 2 per cent, to which it was reduced on June 30, 1932, from 2} per cent. CONSOLS AND DOMINION STOCKS The following tablo gives quotations for consols and colonial inscribed stocks, compared with, those of July 1: Price Variation Consols, 2Va per cent. 75 0 0 +lO 0 Fund. Loan, 4, 1060-00 100 15 0 +5 0 War Loan, 3>/ a .. 100 5 0 +lO 0 Conversion Loan, 354.. 100 5 0 +5 0 Victory Bonds, 4 . . 108 10 0 +5 0 Com'wealth, 5, 1045-75 106 0 0 +lO 0 C'wealth, 3 Va, 1036-37 101 0 0 Same Com'wealth, 4, 1013-48 101 15 0 +7 6 C'wealth," 3%. 1048-53 00 12 6 +l2 (! C'wealth, 3Vi. 1050-01 5)0 5 O +7 fi Com'wealth, 3, 1055-58 88 7 G +lO 0 N.S.W., 4Vs, 1033-15. . 96 10 0 +l2 0 Victorian, 3, 1029-49 04 0 0 Same Victorian, 4>%, 1940-60 102 10 0 +5 0 Victorian, 5, 1945-75 106 0 0 +l7 0 Queensland, 3, 1922-47 93 17 6 Same Queensland, 5, 1940-60 104 12 6 +7 G S. Aus., 3, 1016 or after 77 15 0 -5 0 S. Australia, 5, 1045-75 106 5 0 +l7 6 W. Aust., 4, 1912-62 100 5 0 +2 6 Tasmania, 3%, 1020-10 100 15 0 Same Tasmania, 4, 1940-50 100 7 0 +7 6 N.Z., 4%, 1018-58. .-103 10 0 +ls 0 N Zealand. 3'A, 1040 100 1 0 0 Same New Zealand, 3, 194 5 94 1 5 0 +8 9

FOREIGN EXCHANGES FRANC A SHADE WEAKER British Wireless RUGBY, July 8 The following rates on foreign exchanges are current, compared with the cabled quotations on July 7 and par:— July 8 July 7 Par Montreal, dol. . . 4.91i/e 4.0(1% 4.866 New York, dol. 4.95'/i 0 4.tt6%« 4.86 Paris, fr. .. 128%, 125% 8 105.00 Brussels, belga. . 29.42 29.43 35.00 Geneva, fr. .. 21.05% Amsterdam, gr. 9.00% o.oi/ 8 12.10 Milan, lire .. 01 Mn O'J.OO Berlin, r.in. .. 12.33% 12.31/ 3 20.43 Stockholm, kr... 19.39 V, 19.39% 18.159 Copenhagen, kr. 22.10 22.40 18.10.1 Oslo, kr. .. 19.90 19.90 15.159 Vienna, sch. .20% 20/ 3 34.08.j Prague, kr. . . 142/ia 142% 8 104.25 Helsingfors, mark 220% 226% 193.23 Madrid, pes. .. 55t s,r>t ,, 25.221 Lisbon, escu. .. llOVia I'lo/je 110 Athens, dr. .. 517% 547/ 3 375.00 Bucharest, lei... 070 670 813.6 Rio de Janeiro, m 4%d* 4%d* 5.899.1 Montevideo, dol. 39% d* 39y B d* 51d Bombay, rupee. . 18d 18d ISd Shanghai, d 01... 14% d 14 n / 33 d Hongkong, dol. 14 l % e d 14 3 % 3 d Yokohama, yen 13 3 % 3 d 13 3 % 3 d 24.58 d Batavia, gr. .. 8.90% 8.9!) 12.10 Belgrade, din. . 21G 216 276.31 Warsaw, zloty .. 20.15 20.15 43.38 tNominal. 'Sellers. NEW ZEALAND QUOTATIONS The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday, 011 n New Zealand currency basis, subject to alteration without notice: — Selling: United States Canada On demand .. 3.97% 3.98% T.T. .. . • 3.97 3.0S On demand ~ 4.01"/ 9 4.02"/ 18 Following are the latest rates for purchases and sales of foreign exchange (I noted bv the Bank of New South Wales, Auckland. They'are subject to alteration without notice To £1 N.Z. T.T. On Demand Currency Selling Buying Selling U.S.A., dol. .. 3.9092 4.0161 3.9732 Montreal, dol. . 3.9778 4.0252 3.9518 Austria, sch. . . 20.83 jri'*™ Belgium, belga 23.510 ~ Czecho'vakia, cr. 113.57 Denmark, kr. .' 17.593 15.263 17.899 France, fr. .. 101.22 Germany, r.m. . 9.841 Holland, fl .. 7.190 Italy, liro .. 75.47 '"'••'2 Java, fl. 7.109 Norway, kr. .. 15.891 16.241 15.897 Sweden, kr. . . 15.489 15.844 Switzerland, fr. 17.301 • 11.309 Noumea, fr. .. 101.47 Papeete, fr. .. 101.12 N.Z nonce to — _ Hongkong, dol 18 27-64 17 61-64 18 -7-61 India, rupee . . 22 21-32 2211-32 22 21-32 Ceylon, rupee • 22 21-32 22 11-32 22 21-32 Japan, .yen . 17 15-32 '' ' Shanghai, dol. 18 3-64 17 3 <-61 18 3-64 Singapore, dol. 35 13-61 34A Chefoo dol. .. 1813-64 1 ( 1/-32 18 3-16 Manila, peso. 30 21-32 30 1-16 30 21-32 The cost in.New Zealand currency of the pound sterling, and of the principal overseas units, 011 t.'.c latest Quotations, is as follows: — Present Trice Par London, pound .. 24,10.65 20 0.00 Australia, pound .. 10 10.81 -0 0.00 Fiji, pound . .. 22 5.66 20 0.00 New York, dollar .. 5 0.21 4 1.31 Montreal, dollar .. 5 0.13 4 1.31 Paris, franc . ..0 2.30 0 2.28 Berlin, reichmark . 2 0.20 0 11-'t Copenhagen, krono 1 1.33 1 1.2Yokohama. yen . 1 5.39 2 0.08

CUSTOMS EXCHANGE RATES Finally declared rates of exchange ruling at the date of departure of vessels named are shown in the following table: — City of Shanghai, America, dollars . 4.0-1 Citk of Shanghai, Canada, dollars . 4.01 Ilnuraki, America, dollars .. . • 4.0.) Brisbane Maru, Japan, yon .. .. I'ld City of Glasgow, Canada, dollars . . 4.05 City of Glasgow, America, dpilars .. 4.03

GISBORNE FAT CATTLE SHIPMENT FOR AUCKLAND [BY TELEGRAPH OWN CORRESPONDENT] GISBORNE, Friday The first shipment of fat cattle this winter for consumption in Auckland will leavo Gisborno this- evening by tho Margaret W. A line of approximately 50 head is being consigned by Hair Brothers to an Auckland purchaser, tho sale having been made privately. WHEAT, FLOUR AND SUGAR LONDON, July - Wheat. —Cargoes are easier and parcols are quiet. Futures. —London: July, .19s 'ld a quarter; November, 49s 1 Id. Liverpool: July, 9s 7d a cental; October, 9s (5 id; December, 9s ojd. Spot trade slow. Australian, ex ship, 48s 6(1. Flour, quiet. Australian, ox store, 33s till to 34s 3d.Haw sugar, beotroot basis, 6s BJd a cwt.